Net sales Expenses: VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $1,900,000 848,000 26,000 7,900 14,500 47,000 $2,986,000 2,843,400 $ 142,600 VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $ 190,340 79,900 105,000 10,560 $136,220 59,000 134,000 5,280 Investments Land 104,000 0 209,000 238,000 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable. Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock. Retained earnings 268,000 209,000 (67,800) (41,800) $899,000 $739,700 $ 65,100 $ 80,000 5,900 9,800 14,900 13,900 283,000 224,000 290,000 290,000 240,100 122,000 and khaldare' onuity. CROO aaa 730 700 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity . Additional Information for 2024: 1. Purchased investment in bonds for $104,000. 14,900 13,900 283,000 224,000 290,000 290,000 240,100 $899,000 122,000 $739,700 2. Sold land for $21,100. The land originally was purchased for $29,000, resulting in a $7,900 loss being recorded at the time of the sale. 3. Purchased $59,000 in equipment by issuing a $59,000 long-term note payable to the seller. No cash was exchanged in the transaction 4. Declared and paid a cash dividend of $24,500. Required: Prepare the statement of cash flows for Video Phones, Incorporated, using the direct method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)